GBP / Baht Exchange rate today ?

Hi,

I'm just about to change some money for my forthcoming trip and was fairly horrified at the rate (┬г1 / 47.17 Baht), so can anyone tell me roughly what the typical rate is in BKK right now if changing some British Pounds to Baht, normally I wouldn't care too much but the local bank rate here seems to be WAY out even allowing for the poor exchange rate generally etc - so, I was thinking perhaps just wait and change everything in one go in BKK and bugger the British banks ? Any suggestions, or would anyone know the typical rate in a money changing kiosk on the street in BKK about now ?

Thanks in anticipation.

[lonelywombat]

I wait until I get to BKK to change my money at the airport and even then wait until I get to Pattaya for the best rates.

Do you have a debit card or are you able to clear your credit card.

I transfer cash into an empty credit card when I want cash advances. I draw from ATM's 20,000 but can draw more inside the bank. This is the best rate you can get IMHO.

Sometimes you get charges 150baht but that is fxxx all on large amounts.

Yeah I normally do the credit card thing myself, although they really can screw you over both on the rate and the "cash advance" aspect sometimes, but I was wondering more about the actual exchange rate per se as to whether the UK was just off the scale generally or was it the same in BKK ( as I've there can be quite a difference) - but now that you've reminded me of it you are quite correct that loading my card before I go and drawing down as and when is of course the way to go I'm sure - for handiness if nothing else !

[Beachlover]

If you're changing cash, I always think you'll find the best exchange rate in the country you're going to. Much cheaper to buy Thai currency in Thailand, than it is elsewhere, like in Australia for example. The rate at BKK airport is usually a little bit higher than what you'll get if you go into town (Bangkok or Pattaya) and find a booth there.


I transfer cash into an empty credit card when I want cash advances. I draw from ATM's 20,000 but can draw more inside the bank. This is the best rate you can get IMHO. Sometimes you get charges 150baht but that is fxxx all on large amounts.
Hmmm... I never thought of putting cash on my credit card and using that to withdraw funds from an ATM. Do you really get the best rate with credit card transactions overseas? That's my main concern. I want to get as good a rate as I would get if I was handing over cash to a currency changer there.

[allieb]

This is a link to the Bangkok Bank exchange rates

http://www.bangkokbank.com/Bangkok%20Ba ... fault.aspx (http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Foreign%20Exchange/FX%20Rates/Pages/Default.aspx)

It is updated several times throughout the day and will tell you what they are giving at the time you access the site. They do not charge commission on exchanging cash so take that into account when comparing to the UK banks which charge a very hefty commission.

Changing in the UK after paying commission and gettin a worse rate can leave you with a lot less Baht for your pound.

I have just checked moneysupermarket.com and they list The Post Office as one of the best places to get the best rate when changing Pounds for Thai Baht. They are offering 44.21 today with 0% commission.

By Using the so called best place you will loose about 6 or 7 % compared to changing in Thailand. I would hate to think how much you will loose by using the worst places!!!

Hi,

I'm just about to change some money for my forthcoming trip and was fairly horrified at the rate (┬г1 / 47.17 Baht)


You'll have to subdue your horror - that's actually a pretty good rate at the present time.

I find the best option is a CaxtonFX or Fair FX prepaid currency card. You get great exchange rates, no fee for withdrawal (except the 150B ATM fee outwith their control) and you can top it up FREE from your UK Bank Account online.

For sad and desparate individuals, a spare card can even be given to your Boy Special - allowing you to top up his pocket money from back home while he is renting himself out to all and sundry back in Thailand and sending you SMS to tell you how much he loves you.

You just can't lose!

:laughing3: :laughing3:

47 baht to a pound is a pretty good rate for now. You'll get about the same in Thailand.

You did know that the pound had crumbled in recent months, right?

[jolyjacktar]

Ah! the pound is like a 3rd world currency and has been for some time now. Doesn't help by the Bank of England keeping interest rates so bloody low, no one wants to invest their money in the UK at the moment. I only make one trip a year now due to the poor rate

"You did know that the pound had crumbled in recent months, right?"

If I'm being absolutely honest actually no I didn't, I normally wouldn't have had much reason to think about such things and also had enough spare cash lying about not to care, HOWEVER as I am unfortunately all to aware that business ( and trying to make some profit on your days work ) has all but gone to hell here this is what prompted me to look at it - ah well, one of those things just I guess, nothing for it but to smile and get on with it - and perhaps buy a few less drinks when I'm there - ok, so THAT'S not going to happen but at least the thought of my very "thinking" about it makes me "feel" like I'm not going to spend as much as I usually do so everything will be just fine - and to hell with the bank manager, he can moan all he wants at me when ( and if ) I get back - "up to him" ! ha ha :-)

I only make one trip a year now due to the poor rate


Really?

Fingers crossed it drops like a stone then.


:rolling:

[Alaan]

The current exchange rate in Thailand seems to be Bt46.7 to Bt46.9/┬г1.

After trying all ways of getting baht in Thailand the only thing I have found is that there is no perfect way. Using any card be it debit, credit or currency card there will be charges. Guaranteed.


I find the best option is a CaxtonFX or Fair FX prepaid currency card. You get great exchange rates, no fee for withdrawal (except the 150B ATM fee outwith their control) and you can top it up FREE from your UK Bank Account online.

I have used FairFX for buying currency before but you make the their prepaid card seem like it does not have ANY charges but it does have charges. Before when you wanted to load sterling there was a 1.5% 0r 2% loading charge. Now the sterling card is their 'Anywhere card' and there is a 1.5% transaction at ATM or point of sale on all usage abroad as well as the Bt150 in Thailand. Also there is a charge of ┬г10 to buy the card. The Caxton carries an FX mark up charge of 2.5% on their conversion rate for all transactions. There are other 'small print' charges for certain other uses of the cards that are not straight forward ATM withdrawals.(over-the-counter withdrawals/using the card outside its zone etc..)

I used to take travellers cheques,organised via the internet banking, but they slowly introduced a charge at least 1.5% for sterling. Then you have the anti-laundering rules where you can only have ┬г2500 max in any 90 day period using your bank debit card to buy them from the likes of travelex. If you then try to buy elsewhere at your bank or build soc, if they also use Travelex which most do as their supplier, then you are still snookered for the 90 day rule. I often have less than 90 days between my visits so thats a pain. Also many banks have a limit of ┬г300 per transaction for using your debit card to buy foreign currency or Travellers cheques, my bank has ┬г1500 per transaction so i need to have at least 2 transactions for a trip. In other words it's a pain and a hassle.

So last visit i just load up with ┬г50 notes.Maybe it was tempting fate but in 11 years of multiple visits i've never had any travellers cheques or currency lost or stolen, all valuables in hand luggage then into hotel safe and take out only what i need for the day. I usually have enough bahts from the last trip to do the first couple of days. I never use the exchange at the airport as they are expensive. I always stay in Bkk for the first 2-3 days of a trip so I now aways change at the exchange booth (sorry cant remember their name and its not on the receipt) on Suriwong Rd just before the first intersection past soi 6 on the LHS, on my last trip i changed in Pattaya at Bt47.5 and Khon Kaen at Bt46.8...... at Bkk it was B48/┬г1. They claim to beat any other bank or exchange and on my last two trips they have.

Drawbacks with the various methods of getting Sterling to Baht.
Cards..atm fees, loading fees, transaction fees. The possibility of the atm swallowing the card.
Travellers cheques...fees for sterling. Fussy Thai bank tellers when it comes to signing your travellers cheques and the signature having to be exact! also the wait while they phone to check the cheques are genuine and get a transaction number.
┬г50 bank notes: obviously no comeback if they get stolen, that aside this is the easiest and cheapest.

...
I have used FairFX ...Before when you wanted to load sterling there was a 1.5% 0r 2% loading charge. Now the sterling card is their 'Anywhere card' and there is a 1.5% transaction at ATM or point of sale on all usage abroad as well as the Bt150 in Thailand. Also there is a charge of ┬г10 to buy the card.

Fair comment - I use the FairFX Euro card (although not in Thailand obviously) - there is no POS transaction charge in Europe and the 1.5 Euro ATM charge I don't mind as the better rate and lower charge than using most UK debit Card for example makes up for it. The ┬г10 charge for the card does not apply if your initial load is over ┬г500 - which if you are travelling it is likely to be anyay.


...The Caxton carries an FX mark up charge of 2.5% on their conversion rate for all transactions. There are other 'small print' charges for certain other uses of the cards that are not straight forward ATM withdrawals.(over-the-counter withdrawals/using the card outside its zone etc..)

Even with a 2.5% mark upon their conversion rate it is, in my opinion better value than most Debit Cards etc. The CAXTON is the one I use in Thailand and there is no ATM withdrawal fee (apart from the Bank's 150B)

As for carrying cash - each to their own yes it is easy and yes you get a better exchange rate but it is also very insecure. I have carried substantial amounts of cash in the past but these days I find peace of mind in knowing that if it is in a card it is "safe" and I find the particular cards I mentioned to provide better value than the vast majority of Credit or Debit cards

If you want my penny's worth, Travellers Cheques are the best form these days. Lloyds Bank are commission free, i.e. buy ┬г100 worth and they cost ┬г100, not ┬г101.50 or 1.5% commission. I think Nationwide sell them but there is a ┬г4.50 postage charge but worth it if you buy a lot of them, as they are commission free also.

There are problems I do believe from what people write on the internet, but as long as your TCs are legitimate, then there should be no problem in cashing them in, in Thailand. Best bought in large denominations, as Thai Banks charge 20 bht per cheque, and an overall charge of 30bht - all these charges are minimum and the good thing in Thailand is that you get a slightly better rate for TCs - best all round I say.

The days are gone now for fee free cards, they all charge, and they all charge in Thailand too. There are top up cards which fare a little better. And getting your bht in the UK before you leave is not advisable.

Incidently, Caxton top up card does not charge anything for drawing money out overseas, only the 150 bht Thai withdrawal fee, as does the Halifax Clarity Card.

[Beachlover]

As for carrying cash - each to their own yes it is easy and yes you get a better exchange rate but it is also very insecure. I have carried substantial amounts of cash in the past but these days I find peace of mind in knowing that if it is in a card it is "safe" and I find the particular cards I mentioned to provide better value than the vast majority of Credit or Debit cards
So you do get the best exchange rate with cash?

Cool... that's what I'll keep doing then. For a month in Asia, all my flights and accommodation are usually paid by credit card so I only need to carry $3k to $4k and even then I never come close to using it all up. I don't think there's any major security issue with $3k to $4k. In the very unlikely event something happens, it's not the end of the world. I'm many times more worried about losing my laptop than losing cash.

[jolyjacktar]

Scottish-guy, yeh dude that would save me a stone load of money too by not comming, so let it drop more ---good thinking Jock :laughing3:

Cool... that's what I'll keep doing then. For a month in Asia, all my flights and accommodation are usually paid by credit card so I only need to carry $3k to $4k and even then I never come close to using it all up. I don't think there's any major security issue with $3k to $4k. In the very unlikely event something happens, it's not the end of the world. I'm many times more worried about losing my laptop than losing cash.

As a regular visitor why not open a Thai bank account and get a Thai ATM card, you can then transfer money before you leave for your holiday, and what you don't spend will be there for the next time you visit?

As a regular visitor why not open a Thai bank account and get a Thai ATM card, you can then transfer money before you leave for your holiday, and what you don't spend will be there for the next time you visit?

Can a non-resident do that?

Even if so, do you not need all sorts of documentation?

If it IS possible and practical then it sounds a great idea.

More details please!!


:occasion9: :occasion9: :occasion9:

[Beachlover]

As a regular visitor why not open a Thai bank account and get a Thai ATM card, you can then transfer money before you leave for your holiday, and what you don't spend will be there for the next time you visit?
Good idea! That will be good if the exchange rates are better. Otherwise I won't do it unless I become a really regular visitor (i.e. several times a year).

[colmx]

I walked in to Kasikorn bank on Pattaya Tai (south rd) - almost next door to Tuk com and signed up for a bank account there without any issues.
SCB in Tuk com refused my business minutes earlier!

There was a 500B account setup fee and i gt my bank book and ATM card there straight away.

They needed my Passport and took a photo of me with the onsite equipment. I used Mosaiks address as my address (i was staying there at the time)

The ATM card was not embossed with my name as it is in many countries. After 20 minutes of paperwork teh girl led me outside to teh ATM to change my PIN, setup SMS alerts etc

QED - but prob best to bring a clue'd in Thai guy with you!

I walked in to Kasikorn bank on Pattaya Tai ..and signed up for a bank account there without any issues.... I used Mosaiks address as my address (i was staying there at the time)

Are you not concerned that Bank correspondence/statements with your Account Number and personal details will therefore be sent to Mosaik on an ongoing basis (where you will not be present) and could be used, by whoever picks the mail up, for all sorts of fraudulent purposes?

:dontknow: :dontknow: :dontknow:

[chivus]

columx

When was it that you set up your bank acct with TukcomтА▓s Kasikorn Bkя╝Я Last time я╝ИSeptember я╝Й I was in Pattaya, I asked around the banks in Central Festival, but was told I needed a Thai work visa to set up an account.

I also checked with banks in Bkk with a Thai friend and was turned down in Bkk as well. Bangkok Bk in Siam Paragon Mall told me as a visitor, I needed a notarized affadavit from my embassy before I could set up an acct with them. Seemed like unnecessary hassle, so just gave up. Will be going to Pattaya for the coming winter holiday, so will look into Kasikorn Bk at Tukcom. As I travel to Thailand 3 or 4 times a year, itтА▓d be convenient to have a Thai bank acct.

I usually bring enough cash with me for the duration of my stay. Never had any problems carrying cash in Thailand. Knock on wood. I use my credit cards for purchases and restaurants, and find the exchange rate charged on my card to be quite good.

[cdnmatt]

I walked in to Kasikorn bank on Pattaya Tai ..and signed up for a bank account there without any issues.... I used Mosaiks address as my address (i was staying there at the time)

Are you not concerned that Bank correspondence/statements with your Account Number and personal details will therefore be sent to Mosaik on an ongoing basis (where you will not be present) and could be used, by whoever picks the mail up, for all sorts of fraudulent purposes?

That's why you choose the "paperless statements" option, so no mail ever gets sent to you from the bank. It's all done online. :)

I've had an account with Kbank for over a year now, and did the same as Colmx. No problems at all.

I walked in to Kasikorn bank on Pattaya Tai ..and signed up for a bank account there without any issues.... I used Mosaiks address as my address (i was staying there at the time)

Are you not concerned that Bank correspondence/statements with your Account Number and personal details will therefore be sent to Mosaik on an ongoing basis (where you will not be present) and could be used, by whoever picks the mail up, for all sorts of fraudulent purposes?

That's why you choose the "paperless statements" option, so no mail ever gets sent to you from the bank. It's all done online. :)

I've had an account with Kbank for over a year now, and did the same as Colmx. No problems at all.


Fair comment.

[allieb]

I have an account with Bangkok Bank Silom Branch. I am not a resident. That branch opens accounts for tourists with just a passport as ID. You get a pass book and an ATM card. They will not allow internet banking on this type of account.

[colmx]

columx
When was it that you set up your bank acct with TukcomтА▓s Kasikorn Bkя╝Я Last time я╝ИSeptember я╝Й I was in Pattaya, I asked around the banks in Central Festival, but was told I needed a Thai work visa to set up an account.


Hi Chivus
I setup the account last January - so maybe things have changed since... but i think not...



Are you not concerned that Bank correspondence/statements with your Account Number and personal details will therefore be sent to Mosaik on an ongoing basis (where you will not be present) and could be used, by whoever picks the mail up, for all sorts of fraudulent purposes?


I don't really think Thailand is like the US or europe where identity fraud is so rife. Without the bankbook and passport - there is not much that anyone could do with a bank statement in my name. As far as i know they don't even send out statements!

[Beachlover]

I don't know what ID procedures are like in Thailand but in Australia and many places, a bank statement is one form of ID used to support other primary forms of ID when applying for a bank account, driver's license and other stuff, which go goes towards building an identity.

You should keep any bank statement or utility bill in your name secure. It's not a disaster if you lose one and it can't be used on its own to steal your identity but giving it away is removing one of a few obstacles for identity theft or fraud.

There is a YELLOW exchange rate booth just outside of Soi 3 Boyztown. Come out from the Ambiance and turn right 1/2 block.
BEST RATES!

I have always found that the best rate of exchange that I recieved was to bring CASH and change it at either of the two YELLOW change booths just to the right from Boyz Town on Second Road. The one on the right is smaller and the one on the left is very large, an indoor almost bank type. The boss is usually there and if you whine a bit and have $4,000 US or more, you get a better rate. Large denomination bills are best.
Then lock your money in the safe in your room. i have always found that they are better than the banks, other exchange booths and DEFINATELY better than trying to get a cash advance on your credit card!!

Remember that cash advances (ATM withdrawal) on your credit card carries a very stiff (pardon the expression) rate and the rate is effective the moment you withdraw that money!!!

Putting it into your account and then taking it out of ATMs I have ALWAYS found it to have that 150 baht penalty or fee.

Now, if you are worried about losing it on the way, or dying in the airplane or something, then I have this one alternative for you......
1. OPEN a Thai bank account.
2. 2 or 3 days before you come, wire what you want to your Thai Bank account. From the US it costs $40 US. Boom. It is there within 2 or 3 days, best rate from bank to bank ususally and you have an ATM card on your Thai Bank account you can use for no charge. :lam:

I don't know what ID procedures are like in Thailand but in Australia and many places, a bank statement is one form of ID used to support other primary forms of ID when applying for a bank account, driver's license and other stuff, which go goes towards building an identity.

You should keep any bank statement or utility bill in your name secure. It's not a disaster if you lose one and it can't be used on its own to steal your identity but giving it away is removing one of a few obstacles for identity theft or fraud.

In Thailand a farang is normally prohibited from opening a cheque or current account. The only option available is a savings account with ATM card.

These accounts do not have statements sent out, but a passbook which you can update yourself at certain "holes in the wall"

If you do need a cheque then you can go into the branch and get a counter cheque.

Anything such as getting a counter cheque, replacing a lost atm card, getting a new passbook will also require your passport.

Ah! the pound is like a 3rd world currency and has been for some time now. Doesn't help by the Bank of England keeping interest rates so bloody low, no one wants to invest their money in the UK at the moment. I only make one trip a year now due to the poor rate

But there seems to be consensus amongst currency traders that the Pound will recover in 2011. This from the Investors Chronicle, this week:


"Sterling is the most important rate to get right for UK-based investors, whose liabilities are priced in sterling. Fortunately, this is a rare point of agreement in our spot poll of experts. They all believe the pound remains undervalued after its rocky run before the May general election, when investors тАУ quite wrongly as it turns out тАУ assumed a hung parliament would lead to budgetary incontinence. If sterling strengthens against the other major currencies next year, as this implies, foreign stocks would face an uphill struggle for UK-based investors. That would reverse a two-year trend that has been a major tailwind for British devotees of the Dow."

The same article says that the Australian $ is considered overvalued at present by these 'experts'

Yes, I think sterling will start, well it actually already has, if you notice 49.5 bht to the UK pound and that is based on the presumption of an increase in interest rates, and it hasn't happened yet. Certainly, by the end of the year interest rates in the UK will be higher if not a lot earlier, and when the first hike happens then you can bet your bottom dollar there is more to come which will see an increase in sterling. My bet is that by the end of the year 53 ish bht to the UK pound. Eventually, next year, I think inflation will be starting to come down, public sector cuts will be well underway (along with unemployment erm), there will be a better picture of the UK economy and which way it is going and hopefully it will be good news. The coalition government I believe will be hell bent on getting the horrible stuff over by 2013/14, ready for an election in 2015, praising themselves for all that they have done for the economy. Erm!! A steady increase in sterling over the next couple of years!!